Michael Gray, CPA's Tax and Business Insight

Corrections/updates for earlier communications

A monthly report to help you prepare for your financial future, keep more of what you earn by minimizing your taxes, and build an extraordinary business!

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I received some helpful comments about the emails that I sent about the Federal tax deadline extension and the CARES Act from Maria Ku and Andrea Keefer Wellman. Thank you for your comments!

California tax due dates

California's Franchise Tax Board has announced its deadlines for filing 2019 tax returns and certain payments have also been extended to July 15, 2020. The extension applies to individuals, estates and trusts, and business entities for:

2019 tax returns

2019 tax return payments

2020 first and second quarter estimated tax payments (note, Federal only extended the first payment, second is still due on June 15, 2020 until further notice

Federal advance tax rebates

In my email dated March 31, 2020, I stated that in addition to $1,200 for single persons and $2,400 for married couples, $500 will be included in the advance tax rebate for each dependent child claimed by the taxpayer(s). I should have said the $500 additional amount is included for each child that qualifies for the child tax credit. This will make it easier for you to see who qualifies on your 2018 or 2019 income tax returns. (The child must be under age 17 during 2020 to qualify.)

Remember, not everyone will qualify. See the discussion on the March 31 email.

Stay safe!

P.S.

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about 15 minutes north of the Golden Gate Bridge. The name of the
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marcheauxfleursrestaurant.com. For the best meal of your life,
call 415-925-9200 for a reservation and give them a try! For
directions, visit our website at
www.taxtrimmers.com/directions.shtml.